Question 17 Not yet answered Marked out of 1.00 On August 1 the CEO of Hills and Valleys Limited hired a private chauffeur car to take his family to the snow fields of France for a vacation and birthday celebration. The CEO hired another private chauffeur to travel to a company business meeting with the CEO of Happy Limited. All travel was completed on August 1. The total cost of the hire of the private chauffeur cars was $6,000. Cost of the travel to the snow fields accounted for 75% of the total hire. Payment for the private chauffeur cars were made in full on September 1. Required: In the books of Hills and Valleys Limited the CFO would record the travel costs on August 1 as: P Flag question Select one: a. Debit: Travel Expenses - $1,500; Credit: Accounts Payable - $1,500 b. Debit: Travel Expenses - $4,500; Credit: Cash - $4,500 O c. Debit: Travel Expenses - $6,000; Credit: Accounts Payable - $6,000 d. Debit: Travel Expenses - S0; Credit: Accounts Payable - SO O Question 20 Not yet answered Marked out of 1.00 P Flag question Bobby Bones has just joined Bad Manufacturing Limited. His first task is to prepare the financial statements of the company for the end of the accounting cycle. He was provided with the following list of post-adjustment trial balances. Account Name Debit Credit Accounts Payable $6,150,000.00 Accounts Receivable $25,500,000.00 Accumulated Depreciation: PPE $45,000,000.00 Administration and General $21,800,000.00 Expenses Cash at the Bank $33,500,000.00 Cost of Goods Sold $55,000,000.00 PPE $215,000,000.00 Interest Payable $2,500,000.00 Interest Revenue $1,250,000.00 Land $4,800,000.00 Long-Term Investments $2,900,000.00 Long-Term Loans $81,000,000.00 Merchandise Inventory $8,750,000.00 Prepaid Expenses $3,120,000.00 $ Retain Earnings $11,545,000.00 Sale Returns and Allowances $2,450,000.00 Sales and Distribution Expenses $19,000,000.00 Sales Discounts $1,240,000.00 Sales Revenue (Gross) $185,000,000.00 Share Capital $48,000,000.00 Tax Expenses $12,000,000.00 Unearned Revenue $6,450,000.00 Required: When presenting the income statement, what amount of gross profit will be reported using post-adjustment trial balances? Select one: a. $149,000,000 o O b. $166,110,000 c. $126,310,000 o O o d. $81,310,000